“Japan’s experience shows central banks can mitigate the worst effects of the current environment, but it’s going to be very hard for them to stimulate demand,” said Peter Dixon, global equities economist at Commerzbank AG in London. He predicts a lengthy period of “sluggish growth and high unemployment” in the debt-ridden industrial nations.
If they aren't stimulating demand it's because they have not chosen to.
Ah how we laughed and laughed at Japan, confident we'd "learned the lessons of Japan."